Musk's Model Y Debut Leads to Tesla’s Worst Post-Party Rout

(Bloomberg) -- Tesla Inc. shares plunged 5 percent Friday, the worst rout for the stock following one of Chief Executive Officer Elon Musk’s parties to hype a new product or service.

The unveiling of the Model Y electric crossover was a more subdued affair than some of Musk’s past performances, and Tesla’s customer-deposit strategy rekindled concerns about the company’s cash position.

Tesla immediately began charging $2,500 to order a Model Y, which won’t be available for at least a year and a half. When Musk last debuted a vehicle for the mass market -- the Model 3 sedan -- Tesla took $1,000 reservations from consumers.

Here’s how Tesla’s share reaction Friday compares with past moves a day after Musk, 47, has put on a show for customers:

To contact the reporter on this story: Craig Trudell in New York at ctrudell1@bloomberg.net

To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Melinda Grenier